A Stevenson Education is Affordable

Transcription

1 A Stevenson Education is Affordable When asked, many parents of school aged children in public schools say they would enroll their child in an independent school if they could afford it. However, most families never investigate the option due to concerns regarding the cost. The fact is an independent school education is affordable. Investing in your child s education will pay dividends over a lifetime and is the most important investment you could make. We are committed to making a Stevenson education affordable for all families. Here we provide information on several programs we have developed to achieve this goal. Stevenson School admits qualified students and does not discriminate on the basis of race, gender, religion, national or ethnic background. Alex Spence Director of Financial Aid aspence@stevensonschool.org

2 Frequently Asked Questions Does Stevenson offer a payment plan? No, but there are several loan programs (listed in this brochure) that can help families if they prefer to pay tuition monthly. Does a request for financial aid affect the Admission decision? No. Stevenson has an aid-blind admission policy. Admission Board members do not know who is requesting aid. Does Stevenson have merit scholarships? No. Grants are awarded based on the demonstrated need of the family. What percent of Stevenson students receive financial assistance? Approximately 21%. Who sees my financial documents? All financial documents submitted to the School and STudent Services on behalf of Stevenson s financial aid requirments are held in the strictest confidence and are used for the sole purpose of determining parents demonstrated need for financial assistance to educate their child at Stevenson. How much might I expect to receive? Every effort is made to award 100% of demonstrated need, which may range from $500 to the full cost of tuition. If parents are divorced or separated do both parents need to complete financial aid forms? Yes. Both custodial and non-custodial parents must apply for financial aid. Applications may be entirely separate or as a joint application. Only one parent works outside the home. Must both parents be employed to receive financial aid from Stevenson? In general, yes, if all children in the family are in school.

3 Frequently Asked Questions If I have other children applying to or attending tuition-charging institutions, must I apply for financial aid from those schools as well? Yes. We assume that a family applying for aid from Stevenson will apply for financial aid from all tuition-charging institutions their other children may be attending. If another school does not have a financial aid program, please note that on your Parents Financial Statement (PFS). In addition we may ask for verification of the financial aid packages from the other schools. Is a grant-in-aid offered for one year or for each year of enrollment? Because family financial situations change yearly, a grant-in-aid is offered one year at a time. The financial aid process must be completed each year that a student attends Stevenson. Each year a grant-in-aid is awarded based on a family s demonstrated need and the merit of the student. Financial aid grants enable Stevenson to enroll students with promise who would not otherwise have access to an independent school education because of financial constraints. Grants are based on a family s demonstrated need and the student s continued success at Stevenson. A grant-in-aid is not a scholarship. It is a confidential and private arrangement between the School s administration and the family. Grant recipients are not published either internally or externally. Grants do not need to be repaid. Both parents must file US tax forms to be eligible for financial aid. Each family should examine all of its resources before applying for financial aid from the school. New families seeking admission to the school and financial assistance, should complete the application for financial aid concurrently with the application for admission. Stevenson has an aid-blind admission policy, therefore admission decisions are not based on the financial need of the student s family.

4 Types of Assistance This affordability brochure provides helpful information about three types of assistance to help families manage the cost of their child s education: Financial aid grants Monthly payment plans Loan programs Financial Aid Does Stevenson offer financial aid to international students (or to families with income earned internationally)? Because we would be collecting financial documentation from different economic systems, it is difficult to determine a fair and appropriate grant for an international student. Therefore, Stevenson considers financial aid applications only from families who file US tax forms to the IRS. Both parents must file US tax forms to be eligible for financial aid. Financial aid is now available to students in all grades at Stevenson School. For the school year Stevenson School awarded $2,600,000 in financial aid. Grants ranged from $1,000 to $46,600. The average grant for grades 9-12 was $23,354 and $8,377 for grades K-8. Monthly Payment Plans Monthly payment plans are also available through a local bank and allow families to pay for tuition over twelve months.

5 Types of Assistance Tuition Financing Program for Independent Schools Provider: First National Bank of Central California # of Aid Awards School Year Financial Aid Grants Total Family Income Program highlights: Personal, unsecured loan for one year term, per $1000, interest rate of 8.50%, no prepayment penalty, $60 loan fee. Contact information: Kathy DiMaggio at or Beth Fergon at $0-50, $51,000-75, $76, , $101, , More than $126,000

6 Types of Assistance Loan Program Stevenson encourages you to explore all options for financing your child s education. Affording a quality education does take some planning, and most families employ several strategies to keep the costs within reach. Loan programs are available to help families meet tuition costs. Stevenson requires that the full tuition amount be paid in full July 15 - prior to the start of each new school year. However, we recognize that for many families paying the tuition at one time is not feasible. Families can arrange loans through a nationwide loan and financing program Your Tuition Solution is on example: Your Tuition Solution Provider: Springstone Financial, LLC Program highlights: lower monthly payments than billing plans; repay on your schedule, months; low fixed rates lower than personal bank loans; no down payment or application fee. Contact: Your Tuition Solution 2 Park Central Drive Suite 100, Southborough, MA Phone: Fax:

7 Applying for Financial Aid Returning families who want to apply for financial aid should notify the Financial Aid Office. New applicants will receive an application for financial aid around the first of the year (please notify the financial aid office of your intent to apply). An instruction checklist will be mailed to you. You can apply for financial aid online at Please contact the admission office if you need a paper copy of the application. A preliminary application or application for admission must be received by the admission office before a paper application for financial aid is sent to prospective students. The Financial Aid Committee reviews the recommendations of School and Student Service (SSS), your tax returns, and other requested information. Returning students: notification is mailed to the family as soon as the Committee makes a decision. Returning Students: notification is mailed to families with completed applications on March 10. New students: if your Admission Application is complete by the priority deadline of February 15, and your financial aid application is complete by the end of February, a financial aid decision will be included in the notification letter mailed on March 10. Stevenson has limited funding to assist families with financial aid, and can not always meet the full demonstrated need of a family. Families submitting late or incomplete applications risk not receiving aid. Returning families who do not complete their financial aid applications by the end of February jeopardize the possibility of receiving aid, as funds are distributed to new students on March 10. Stevenson School uses the (SSS) Parents Financial Statement to assist in determining aid. SSS is a service of the National Association of Independent Schools, and helps assess a family s ability to pay school costs. The SSS website states: The SSS process promotes objectivity and consistency in financial aid procedures among schools, and is based on the premise that parents should finance their child s education to the extent they are able.

8 Financial Aid Deadlines February 1 Parents Financial Statement for custodial parent(s), submitted directly to SSS by NAIS February 25 February 25 IRS Form 4506T (signed, not dated), submitted to Stevenson School Signed copy of the current year IRS Form 1040 Tax Return with all schedules, statements, and W-2 Forms, submitted to Stevenson School February 25 Signed copy of previous 3 year s IRS Form 1040 Tax - Include all schedules, statements, and W-2 Forms, submitted to Stevenson School Reminder: Financial Aid at Stevenson School is limited. It is essential to follow the timeline above in order to be considered for Financial Aid at Stevenson. Stevenson s Financial Aid Committee reviews fiancial aid applications once all required materials have been received AND the student s application for admissino is complete.